Today I am sharing my TOP TEN (10) money mistakes to avoid in your twenties to become financially free! 💸 This includes investing in appreciating assets, building a career, investing in a rental property, and finding supportive partners. On the other side, I encourage to avoid negative influences, materialistic spending, and the importance of building a good credit score, paying down student loans, and setting big financial goals.

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Sources: www.jlmrealestateinc.com

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Connect With Kim Daly:

Video Translation:

"These are the top 10 money mistakes that you have to avoid in your twenties if you want to get ahead financially for the rest of your life. My name is Jason Lee. I'm financially free at age 26. I own a commercial real estate brokerage here in San Diego. And I also own 17 properties. Tolling an asset value of $50 million here in San Diego County. So let's start with tip number one, buying a nice car way too soon.

This is something that you have to avoid. If you want to get ahead with your money in life. If you buy a car, you put down 5 $10,000 and it's taking out 1000 to $2000 maybe even $500 a month out of your pocket. That's a big hit and it adds up. You could have saved that money and invested it instead of buying a depreciating asset because the second you walk out of that lot with a new car, that brand new BMW, you it for $50,000.

And the day you walk out that car, it's probably worth $30,000. Don't buy depreciating assets buy appreciating assets like real estate stocks or anything besides something that goes down in value like a car. I didn't buy my first car until I had three or four properties that are bringing cash flow every single month. I drove a 2017 Ford. Focus had no car payment for four or five years and I still driving that thing when I was worth over a million dollars. Take it a step further. I'll be honest, the dumbest thing I ever did was buy a nice car, buy a nice Mercedes, my top clients that own billions of dollars worth of real estate. I've seen them walk up in a dirty jeep or an old Honda because those are their habits. They built habits to save, save, save their money. They don't need anything materialistic and now they're very wealthy because of good habits. Don't make a bad habit of buying a nice car, buying a depreciating asset that's going to hurt your net worth and mistake. Number two, this one thing will literally set you back for your whole life if you don't do it right. Settling for a job that is either a dead end job or a job that you hate. If you settle for a job that doesn't pay much that you hate clocking into, that wasn't your dream career or your goal career, you're not going to enjoy your life and you're never going to make the amount of money that you want to, you have to build yourself a career or even better. You have to build a business. If you truly want to get ahead financially. If you always work for someone and you hate your boss, you hate going to work, you hate being stuck in traffic, you hate not being able to make your own schedule. If you are miserable, you're never going to perform well in your career or even worse. Even if you perform well..."

Today I am joined with Kim Daly, @TheDalyCoach about finding the right franchise investment for personal and financial goals, with a focus on low fixed costs, high margins, and reoccurring services. The importance of following franchisor guidelines and having a clear daily plan for success is emphasized. Kim believes in helping people achieve financial stability and a better quality of life through franchise investments. There was also discussion about the key to success in franchise businesses being execution and not running out of money.

___

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🎧 Listen to my Podcast - Apple Podcasts: https://apple.co/3lxNxHk | Spotify: https://spoti.fi/3jRXpLH

Connect With Kim Daly:

Website: https://thedalycoach.com/

LinkedIn: https://www.linkedin.com/in/dalykim

Instagram: https://www.instagram.com/thedalycoach/

Youtube: https://www.youtube.com/@UCUJB6d4Efu5-DUFXraRdAIA

Translation:

"...Kim Daly with me. She is a franchisee expert. Um, a topic that's not nearly talked about enough um, out there on the internet, social media, whatever. No one really talks about Franchising. So I'm really excited to have her on today, Kim, how are you doing? I am doing great Jason and I agree with you. It's the whole point of all of my social media. Yeah I'm really excited to ask you some, you know, some questions that I personally have because I don't know much about it at all. So, uh but to kick off the show, would you mind just telling the audience more about like your story and how you got into the business? Sure. So I've been a franchise consultant now for 20 years, but it's not like I woke up one day and said, oh, yeah, let's get into Fran, you know, the question when you say in Franchising is how did Franchising find you? Because it's like there's some pain point in most people's lives that make them look for something. And a lot of times that something is what Franchising offers. So I was as an entrepreneur, I was out there building businesses on my own for my first five years out of college. Um, very lonely world making it up as I went along, didn't really feel like I had, I always made money, but I didn't really feel like I had anything sustainable. I was sort of always flying by the seat of my pants and was just like, you know, where, where's my next, you know, revenue stream coming from? And I needed systems. I needed tools. I wanted support everything really that a franchise offers. Uh My first job out of college had been for a Franchising company. So I had some exposure to what a franchise could offer. So I went back to Franchising when I was 29 I found the company that I'm a part of now, which is called Brand choice. And my franchise is to help other people invest in franchises. And over the last 20 years, I've built one of the largest franchise consulting practice practices in the history of franchise consulting. I'm very blessed. I help a lot of people say yes to the dream to own a business. Every single..."

In today's video I'm sharing my experiences about legal issues I faced in my real estate business. I got sued TWICE shortly after starting my brokerage, JLM Real Estate. Listen to the full episode to avoid these mistakes I made!

___

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Translation:

"...This is a story I've never told before to anyone but I got sued two times right after I opened my new business. It was like a month or two in and I got sued twice. It was the most stress, the most anxiety I've ever dealt in my life. And I want to tell you the story because you can take some really good learning lessons from it, especially if you're in real estate. Stay tuned for some crazy stories if you're new here. My name is Jason Joseph Lee. I'm a real estate investor and real estate broker here in San Diego County and I'm here to help you not make mistakes that I did help you learn from my mistakes and help you become financially free and get out of the system. Oh boy, let's begin to preface these stories. I was only 24 years old when I started my company J L M real estate. It's a commercial real estate brokerage here in San Diego and we focus mainly on apartment complexes, helping buyers buy and helping sellers sell for the highest price in my old company where I learned from my old mentor, my old broker for about three years. And I learned the game. I had been completely self sufficient. I was doing transactions on my own. I made over 600 K the year before I started in 2020 during COVID and I was ready. I said, you know what? It's the middle of 2021. I'm doing everything on my own. I'm ready to go off and start my own company because honestly, I was sick of being a solo broker. I wanted to build a team. I wanted to build friendships, relationships and create a great company culture. And I'm so happy to say I've done that. So thank you so much to my team. If you're watching this, you're the reason why I do what I do because I love training you guys and teaching you what I know. It's been an absolute blessing and a pleasure to watch you guys excel and grow in your careers and become great commercial real estate agents. So again, thank you so much. Anyways, I started my company when I was 24 years in and every single person I talked to told me that I was making a big mistake that I was going to fail that I was being reckless. Everyone told me to go the corporate route like now that you've made some money here, join a bigger corporation and wear a suit and tie and work for the man and do this and this and that. And I was, I just wasn't about..."

Please welcome Masud Sarwary from Foundation Escrow to the podcast! Jason and Masud discuss his journey from Afghanistan to the US, as well as his success in the real estate industry. Masud talks about the importance of mentorship, effective communication, and vertical integration in business growth. He also shares his experience during the 2008 mortgage collapse, the value of time, and his focus on family, owning real estate, and passive income opportunities. He plans to continue learning and growing his escrow company (Foundation Escrow), emphasizing the importance of hiring the right people and building a strong company culture.

___

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With this guide, you’ll be able to easily understand your real estate deals.

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Connect with Guest:

Instagram: https://www.instagram.com/sarwarymasud

TEXT: 619-453-4550

[email protected]

___

Video Translation:

"...Yeah. Um, so tell us more about your story. Like, how did you get into real estate? How did you end up starting your own escrow business, your own mortgage company? I mean, you're doing a lot of things. So, you done something, right. So, how did you do it? Yeah, you know what, it's just being around the right people. Um going to UCSD graduating, I didn't really know where I wanted to go, but I wanted to do something with my degree. Ran into like during the career fair about, uh talking about uh a mortgage banking company where you come in as a management trainee and just learn mortgage, uh the mortgage business and learn it from A to Z uh it was called accredited home lender. So I signed up, went through a management training program, became an outside sales rep, wholesale rep for them. And then really saw what mortgage brokers were doing and how they were helping people with getting better wholesale loans and rates. And frankly I saw that it was, they were making a lot more money than uh working in the corporate world. So I did the corporate world for two years. A lot of my family in the Bay area had mortgage companies and mortgage shops. Uh, they wanted me to join. But at the time I didn't want to because I wanted to do something with my degree. I said, yeah, I need to go work corporate. That's what I thought. Uh, but uh after doing that for a couple of years then, uh I joined uh my, with my cousin uh opening up a, a shop here in San Diego uh for a mortgage company and then from there just kind of grew that business. I was in it at the right time. Um 2004 is when I started the mortgage company uh with a partner and we grew it. Um and it grew rapidly, we had um 100 employees or uh loan officers. We had like, I don't know, eight offices uh doing a ton of business. And then from there, um we vertically integrated, bought an escrow company called Foundation Escrow in 2007. Because we were doing so much mortgage loans, we said instead of why don't we control the escrow process too? So we bought foundation escrow at the time, rent got that opportunity and then was sourcing all of our escrow business through uh foundation escrow. And then after a few years, uh actually, I think it was a year or two that realized that hey, this escrow company can run on its own, doesn't just need a service our mortgage loans. So then really rapidly grew foundation escrow..."

Is it a GOOD deal or a BAD deal? In today's video I'm going to show you exactly how to underwrite a commercial real estate property from start to finish. 🏁 We're going to go over TWO of the most important factors- CAP Rate and GRM. I'm gonna tell you exactly what they mean and how to use them to your advantage so you never lose money in real estate! 💸

___

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___

Video Translation:

"...Number one is the cap rate in the most simplest terms, a cap rate or a capitalization rate is a term used to underwrite commercial real estate. So underwrite means to analyze the numbers, let's say you have a 5% cap rate property. That means that that property will bring in a 5% return. If you paid all cash for the property, if you bought a million dollar property and paid cash for it with no debt, you would get 5% return a year on cash flow. After all the expenses are paid Paid off per year. This is the rate of return if there's no debt on the property. That's the simplest definition I can give you what you really need it for is to understand what kind of property you're buying and how good it is. For example, if every property in your area are going for a 4% return here in San Diego, that's like the average in good areas. San Diego has a very low return. So if you look at everything on the market and they're somewhere around a 4% return. If you're buying a 6% cap rate, you're doing really well. And this is how you calculate it. It's very easy cap rate equals the net operating income. The net operating income means that it's your gross revenue per year. So it's your gross rental income per year minus your yearly expenses. What's really important to note about this? A lot of people get this wrong is they'll put the gross rent here and divide it by the price. That's not correct at all and it will give you a false return on your value. You want to do the NOI divided by your purchase price times 100 we'll give you your cap rate. So for example, if you have an NOI of $50,000 per year, divided by a purchase price of $1 million times 100 will give you a 5% cap.

The way you can actually turn this around and get the price is, you can use the income. So $50,000 a year divided by .05 because that's a 5% cap rate and that'll give you a price of $1 million. So you can turn that equation around to do the other way to where let's say you find a property on the market and you want to know what it's worth to you. And let's say the property is bringing in $50,000 a year, $100,000 a year. It does not matter. Let's say you don't believe in the list price and you say I want to offer on this property, but I only want to pay a 5% cap rate for it. What you can do is you can take the NY, you can divide it by the cap rate that you're looking for and that'll give you the million dollar price that I'm talking about. So this is another way you can analyze properties on your own to where the value that you want to pay for may not be the same as the price that it's listed for. I'll take it a step further..."

How You Can Succeed In Real Estate... Even DURING A Recession!! Take it From Glenn and Amber Schworm who have been in the real estate game since 2007, when they flipped their first house and made a profit. Since then, they've made massive waves and success in their businesses and have now flipped over 1,000 houses and counting. Join us as I sit down with theses two intelligent real estate investors and business leaders.

___

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___

Connect with Glenn and Amber Schworm:

Website: https://glennandamber.com

Facebook: https://www.facebook.com/Glenn.Amber.Schworm/

Instagram: https://www.instagram.com/glenn_n_amber/

Youtube:https://www.youtube.com/channel/UCLs6wL7OdZMW1813m5FA4tw?view_as=subscriber

LinkedIn: https://www.linkedin.com/company/home-flipping-workshop/

TikTok: https://www.tiktok.com/@glennandamber

___

Video Translation:

"...So, we've, uh, I started real estate back when I was actually about 19, bought my first couple of houses and, uh, it's consequently, this is back in the late eighties, early nineties and lost them both to foreclosure and went through a bankruptcy, went through some really tough times since 30 years ago and didn't, uh, didn't pursue real estate again for a while. Helped a lot of friends do. It, talked through people that were flipping, buying rentals, loved it, always stayed engaged. Met Amber. Back in the early 2000s, we bought our first rental property together in 2003. She lived in Texas. Right. The great state of Texas.Yeah she was a Texan. I was in New York. We were both married to our spouse at the time we were business partners in another venture, a network marketing business. And so we realized we worked really, really well together. We're just business partners for a long time, bought that house because we, we all kind of say, yeah, let's start buying some real estate together. And I said, if I can do it so long story short, many years later, we end up getting divorced from our spouses. I talked to her and moved up to New York and, uh, just, you know, yeah, and got her up there and then we started dating and, uh, in the way, way it took off. We flipped our first house in 07-08. The recession hits. We flipped three more that year, you know, tough year. And then, we we built our career during the recession, and we that's when we did it and we really started out of desperation like we had, we had no education. No, I mean, Glenn to this day still doesn't know how to read a tape measure. We, we had no experience being contractors. So we, we really started because we were in debt, $80,000 in credit card debt. You know, working in a home based business or even a 9 to 5 wasn't going to pay that off quickly at all. So we needed a way to make like large chunks of income and, and at the time flipping was it like, and, and we used to flip a lot of houses too, but our shift has really changed to, to building the more passive income. So we're holding on to a lot more houses which we wish we had started to do much earlier in our career..."

#RealEstateSuccess #Reccession #RealEstate #RealEstateInvesting #HouseFlipping #SingleFamilyHomes #HouseFlip

Come analyze and walkthrough an investment property with Garrett, the CEO of Max It Out. Garrett shares his business plan for a property he has under contract and tells us his plans to split a single-family house into two units and add an ADU to get an extra unit for a return. He plans to add a new three-story structure to connect with the house and add eight more units. The estimated cost of the renovation is around $2.5 million and the expected value of the 11 units is around $6 million. Garrett also discusses the rules for adding ADUs and the benefits of attaching structures.

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TRANSLATION:

Jason: I'm here with Garrett, the CEO and founder of Max it out, ADU Garrett. How are you doing?

Garrett: I'm doing pretty good. How are you doing, Jason?

Jason: Good, good Garret and I have this property under escrow. We found the deal for Garrett off market and Garrett's gonna show us his business plan with the property. His mind is very creative. He does very creative things with ADU and how to add maximum units. So you want to walk us through the first unit and how you're gonna split it up and stuff.

Garrett: Yeah, definitely. Let's take a look... This is just a single family house. What essentially we're going to do is we're gonna chop it up into two units. If you want to walk in here, we have the living room, we're gonna add the kitchen for this unit right in this dining room. It will be a U shaped kitchen. So that will be that kitchen living and this will be a two bed, one bath. You have a bedroom here, bath and then this bedroom here, we'll extend this wall. So this one be the the actual bedroom wall. Yeah, we're gonna cut off here. How can you? So there's a rule you're able to split 25% of your dwelling units into ADU. So we have two here. So you can split one this house, we can split and have an extra AD U. This is how you get an extra ADU out of it. It helps with the return. Yeah, it's a good half. Yeah, you heard it first. OK? And then we can go around for the second unit

Jason: A little tight, right? A little more off.

#realestateinvesting #propertytour #realestateinvestor #multifamilyproperties #development #sandiegorealestate #ADU

In this podcast episode, Nate Barger talks about his life story. Nate grew up in a blue-collar, alcoholic family and struggled with poverty and a scarcity mindset. He was sent to an orphanage at the age of 14 and ended up selling drugs, falling into the streets, and going to prison twice. However, he managed to turn his life around by making over $20 million selling weed from the ages of 22 to 29. Despite his immense wealth, he was miserable and cried out to God for help. He then discovered real estate and learned how to invest his money. Nate talks about his journey and how he was able to turn his life around through faith and determination. Listen now to learn more!

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Connect with Nate Barger:

Website- https://www.natebarger.com

LinkedIn- linkedin.com/in/natebarger

Youtube- https://www.youtube.com/@natebarger

Instagram- https://www.instagram.com/nate.barger/

TikTik-https://www.tiktok.com/@nate.barger

Facebook- https://www.facebook.com/groups/brrrrinvest

---

Video Translation:

My name is Nate Barger. Just like a lot of you guys who come from a normal blue collar alcoholic family, you know, struggled, never knew anything about money. Um I mean Dave Ramsey probably would have been an improvement over what my parents did and you know, this poverty mindset, scarcity mindset if you can't afford it, pay cash, you know, you know, um grew up in kind of a AAA neighborhood that got um affected greatly by the crack epidemic of the late eighties, early

nineties and um end up getting sent away to to an orphanage when I was 14, 14 and I end up getting out when I was about 16, end up selling drugs, falling into the streets, um going to prison twice, just everything I did everything I, everything I did. I failed, man. I must have, I must have failed at 20 different companies. But thankfully for me, man, by the time I was 22, my time in prison was over and that didn't mean that when I got out, I went straight.

It just mean, I never got caught again. So from 22 to 29 I made over $20 million selling weed. I was bringing in weed from Mexico from, um, you know, I was getting from down in Brownsville, South Padre Island also down around, um, Tucson, south of there. So Mata Morris and Nogales, those were the places that we were bringing weed in and it was lucrative business.

And oddly enough, I didn't even smoke weed. I didn't do drugs. I was not alcoholic. So at the time I was 29, man, I had say everything, money could, you know, anything, you could possibly think money. I mean, I was really legitimately making 242,000 a week in profit. So when you think about someone in their twenties making that much cash, paying no taxes, you feel like money.

I can do whatever I want, you know, and that was only bringing in £330 of weed every week, right? So, um, you know, I remember they were like Nate, we want to give you £4000 of weed. And I was like, man, I don't know, man, you gonna make me hot. So, um I, I, I always wanted to do something different. I just didn't know nobody would give me a job. I didn't have anybody around me with money.

Today I'm advising on how to prepare for and come out stronger from the recession in 2023. I dive into effective steps you can take to prepare. Theses steps include: creating a budget, finding ways to lower expenses, building an emergency fund, starting a side hustle, paying off debt, and updating resumes. Its really important to be proactive and take advantage of opportunities, and being prepared for unexpected emergencies or job loss.

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Download Your Free Real Estate Deal Analyzer- https://jlmrealestateinc.com/free-property-valuation/

With this guide, you’ll be able to easily understand your real estate deals.

📲 Connect with me on Instagram -https://www.instagram.com/jasonjosephlee

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🎧 Listen to my Podcast - Apple Podcasts: https://apple.co/3lxNxHk | Spotify: https://spoti.fi/3jRXpLH

Video Translation:

Here's how you prepare right now for the recession that we're in, how to come out of it stronger and much better. Big money is made when there's blood in the streets and there's people hurting. So right now is a great time to take advantage of the recession in 2023. Step one, you have to create a budget and absolutely stick to it. What does this mean? This means sitting down with yourself or your partner, your financial advisor and creating a budget on what your monthly expenses will be. You cannot cross that threshold no matter what this means. Gathering your rent costs, food groceries, travel costs, maybe any business costs. If you're an entrepreneur like myself, maybe some sort of budgeting on your car payment. And then the next step up for that, which is step two is finding how to get those costs down. I promise you. If I looked at your personal income and your personal expenses, I could find multiple ways to lower your monthly budget. This means you might have to throw your ego out the window. You might have to trade your ladies in for a Toyota or a Honda you might have to take that great apartment on the 20th floor of downtown San Diego. You might have to downsize to the first floor or move to a lesser area to save some money. You always want to lower your costs as much as possible in these times. The worst thing you can do in a recession is increase your monthly expenses. Step number three, if you don't have one already, you have to build an emergency fund. What does this mean for you? You have to build some sort of pocket, some sort of bank account where you have funds in case of unexpected emergencies or unexpected expenses. For example, maybe something goes wrong with your health. God forbid, or maybe something happens with your car. Someone hits you out of nowhere, does a hit and run. If you own a house, maybe your plumbing goes out or your electrical goes out and to replace your plumbing, anything can happen. So you have to understand that building an emergency fund is absolutely crucial. If you really want to make it through the tough times, the recession. I know two or three people that just got laid off from linkedin, they're looking for a job. They D M me on linkedin is your office hiring? I said, nope, I'm sorry, but we're full. This is the harsh reality for many people. I mean, look at Silicon Valley Bank, they had 8500 employees and every single one of those people are now jobless. You never know if you're in a W-2 in a normal corporate job when your career might end with the company, Google, Facebook, Apple, all the big companies right now. Fortune 500 companies..."

Welcome to episode 111 of the podcast! Today we are joined with my friend, Samuel Sells. Sam is an the Chief Executive Officer of Wild Mountain Capital, an experienced combat veteran, and serial entrepreneur with a demonstrated history of success in developing and building sustainable and repeatable systems overcoming many of the key drivers of financial and social poverty. Join us as he shares his experience with real estate investing from his first investment to what he has scaled into today!

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LinkedIn: https://www.linkedin.com/in/samuelsells/

Website: https://wildmountaincapital.com/

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 Video Translation: 

...So my dad and I started wild mountain capital back or while mountain holdings, the parent company back in 2018, um prior to that time, and actually at that time, I was active duty military. Uh I spent about a decade as a international health specialist a hospital administrator working with foreign militaries, foreign governments helping them develop and create health care, uh sustainable health care systems.

Uh small uh large um you know, and, and pretty much everywhere else in the world except for America. Uh health care is um you know, run by the government. So the, you know, it's, it can be a challenge to align incentives to help people figure out why they should actually provide better health care than, you know, than just the very, very, very basics and so di different concepts.

Uh anyhow, during that time, I, I've, I've been to the poorest of the poor countries in the world. Afghanistan, Chad. Um you know, Nepal, a lot of these just incredibly uh des to uh countries and, and what I think of um you know, same thing there when you can align incentives and, and people see that, that a profit motive can actually help them, want to improve their own life and help them improve other people's lives.

And there is some kind of pro profit motive. Um whether you, you hate capitalism or not, it works right. It, it just works. And so the uh you know, we, I came back um to the States and, you know, I was working on a building a big 500 bed hospital and I was just getting worn out and I said, you know, hey dad, let's start a company and we had 80 grand and we put that money together.

And we bought a mobile home park and then we went and bought another mobile home park about six or eight months later. Uh, we were making enough, Uh, we're making about $12,000 a month in free and clear cash flow between the two of us And we started out with 80 grand And I was like, HM, there's something to this, you know, and I, I, I've started flipping homes in the early 2000s, like 2008.

I was when the market crashed, I had two homes that were both on the market. I just flipped them and so the market crashed, I made it through just fine. We turned one into a, a long term rental, the other one, we, instead of selling it for 1 50 we sold it for 1 30. I still made 40 grand or 50 grand. Um, because we were buying houses at $50,000 in downtown San Antonio. Right. It's, and I lived in Idaho, stationed in Idaho at the time and buying homes in San Antonio"